British Columbia Authorities Seize Assets from QuadrigaCX Co-Founder in Crackdown on Cryptocurrency Fraud

Canadian authorities in British Columbia have taken action against Michael Patryn, a co-founder of the defunct cryptocurrency exchange QuadrigaCX, as part of their crackdown on cryptocurrency fraud. Using an unexplained wealth order, authorities have seized cash, gold bars, luxury items, and other assets from a safe deposit box associated with Patryn. The order requires individuals to explain the origin of their assets, highlighting the government’s commitment to combatting illicit financial activities. The seizure comes in the wake of QuadrigaCX’s bankruptcy in 2019, resulting from the unexpected death of co-founder Gerald Cotten. The loss of access to the exchange’s digital wallets left many investors without their funds. The seized assets, believed to be obtained through criminal activities, include Canadian cash, gold, luxury watches, jewelry, a firearm, and identity documents under various names. This case not only sheds light on the aftermath of QuadrigaCX’s collapse but also reveals Patryn’s troubled past, including involvement in financial crimes in the US and participation in new decentralized finance projects using an alias. The seizure serves as a reminder of authorities’ determination to trace and recover assets related to financial crimes, establishing a precedent for accountability within the realm of cryptocurrency exchanges.